South Korea's Cryptocurrency Taxation Policy Delayed Again, Originally Set to Take Effect in January Next Year

Odaily reports: The South Korean presidential office has decided to postpone the cryptocurrency income taxation policy that was originally scheduled to take effect on January 1 next year. The South Korean government established taxation on virtual asset gains when it amended the Income Tax Act in 2020, and this policy has already been delayed three times. Under the revised Income Tax Act, annual gains from the transfer and lending of virtual assets, after deducting the basic exemption of 2.5 million Korean won, are subject to a combined tax rate of 22%, including other income tax and local income tax.